Asianet Pakistan Private Limited

Ajo remains one of Nigeria’s most popular traditional savings methods. Nigerians of all backgrounds rely on or have participated in these rotating contribution schemes to meet financial needs. The idea is deceptively simple: a group agrees to contribute a fixed amount regularly, and each cycle, one person collects the entire pot. This continues until everyone has taken their turn.

On the surface, Ajo offers an elegant solution-you get a lump sum without bank bureaucracy or paperwork. For many, it’s the only workable way to pay for school fees, rent, or restock a small business. The peer accountability is powerful. When your friends or colleagues are counting on your contribution, the social pressure builds discipline that personal willpower alone might not sustain. However, true personal finance goes beyond access to a lump sum. The real question is what your money could do if you put it elsewhere. This is where Ajo’s limitations become clear.

The first major drawback is opportunity cost. If you collect early in the cycle, you are effectively receiving an interest-free loan from the rest of the group. That can be useful. If you collect last, the opposite happens. You have given everyone else an interest-free loan while your own money sat idle. In an economy where inflation has run in double digits for years, that idle money loses value every month. What you eventually collect buys less than what you contributed. You have saved, but you have also lost purchasing power.

Default risk is another critical flaw. Ajo runs entirely on trust. When someone stops contributing or disappears, the scheme can collapse, leaving painful losses and strained relationships. Unlike regulated savings products, there’s no formal process for recourse or recovery.

‘Does this make Ajo obsolete? Not entirely. For those who struggle with saving discipline or lack access to formal financial services, Ajo can be a lifeline. In tight-knit circles where trust runs deep, default risk is lower.’

Another issue is that Ajo pays no interest or return. Your money does not grow. It only moves from one person to another. In today’s Nigeria, even basic money market funds and Treasury Bills have offered returns well above 15 percent in many periods. Some fixed-income instruments have done better. In effect, you’re choosing zero return in an economy where even basic investment products can help your money grow. Liquidity is equally restrictive. Once you join, your funds are locked in until your turn arrives. If an emergency arises, you can’t easily access your money without disrupting the group. Formal financial products offer far greater flexibility. In finance, timing and the time value of money matter-idle money shrinks in real terms.

Does this make Ajo obsolete? Not entirely. For those who struggle with saving discipline or lack access to formal financial services, Ajo can be a lifeline. In tight-knit circles where trust runs deep, default risk is lower. If you’re able to collect early in the rotation, you can maximise the benefit and put the lump sum to immediate use. But too many people focus only on the excitement of the large payout, ignoring the hidden cost of inflation and the lost opportunity for compounded growth.

For most Nigerians with access to banks and smartphones, the smarter move is to embrace savings tools that combine discipline with growth. Money market funds, fintech apps, and Treasury Bills allow you to save regularly, earn returns, and enjoy liquidity. Cooperative societies that pay dividends also bridge the gap between tradition and modern finance. If you still choose Ajo, be strategic. Collect as early as possible; avoid large groups, especially if you collect later, and never commit more than you can afford to lose or lock away. Treat Ajo as a tool for discipline, not for financial growth.

Ultimately, hold traditional methods to the same standards as modern ones: Do they safeguard and grow your money? Do they offer flexibility and manage risk? Ajo scores high on discipline and community support but falls short on returns and inflation protection.

Nigeria’s financial sector has evolved, and as investors, we must apply sound financial judgement to every method, new or old. Today, better financial tools are at your fingertips and on your phone. Saving is good, but saving in ways that protect and grow your wealth is far better. Ajo is perfect where trust is strong, and you collect early. But as financial options expand, it’s wise to ask, ‘Can my money earn more elsewhere?’

Make your money work as hard as you do.

Foremost Capital Limited has secured a BBB+ credit rating from DataPro, an independent Nigerian credit-rating and compliance consulting firm, in a move that underscores the asset manager’s strengthening financial position and operating capacity less than two years after commencing operations.

The rating places Foremost Capital among investment-grade companies assessed by DataPro and provides an independent evaluation of the firm’s financial strength, liquidity, capitalization, profitability and overall operating position.

It also offers clients, investors, counterparties and regulators an external measure of the company’s ability to meet its obligations and manage investment mandates.

DataPro’s assessment highlighted Foremost Capital’s strong liquidity position and improving capitalisation, asset base and profitability.

The rating also took into account the company’s expanding assets under management, which increased by 250% between July and December 2025, reflecting rapid growth in its market presence and investment-management capacity.

The rating comes with a stable outlook, indicating DataPro’s assessment of the company’s current trajectory and potential for further improvement. It also points to stronger revenue generation and the company’s increasing ability to generate sustainable earnings as its operations expand.

Beyond financial metrics, DataPro’s assessment considered Foremost Capital’s corporate governance, risk-management framework, internal controls and compliance structures.

The findings reinforce the company’s status as a Securities and Exchange Commission-licensed asset manager operating within Nigeria’s regulated capital-market framework.

Emmanuel Akehomen, managing director and chief executive officer of Foremost Capital, described the rating as a significant milestone for the company.

‘This BBB+ rating from DataPro is a significant milestone, validating our robust governance, liquidity and operational resilience,’ Akehomen said. ‘For our clients, it serves as an independent assurance of our stability and capacity for sustainable growth.’

The BBB+ assessment marks another step in the company’s strategy to establish itself as a credible participant in Nigeria’s increasingly competitive asset-management market, while pursuing sustainable growth and long-term value for clients and other stakeholders.

Akehomen said the company would use the stronger market standing to pursue larger mandates while improving portfolio performance.

‘Moving forward, we remain committed to deepening our market share through disciplined risk management and innovative investment strategies that consistently deliver superior, long-term value for our investors,’ Akehomen said.

The rating provides an external benchmark for a company that has expanded rapidly since entering the market, particularly as Nigeria’s investment-management industry faces growing demand for stronger governance, transparency and risk controls.

Industry observers said the assessment signals progress in Foremost Capital’s effort to build an institutional platform around service quality, compliance and disciplined investment management.

They said the company’s growth in assets under management, alongside improvements in its financial profile, could strengthen its ability to compete for larger institutional and high-net-worth mandates.

Foremost Capital said it plans to build on the rating by expanding its market presence, strengthening its investment capabilities and maintaining robust governance and risk-management standards.

Dolly Parton, who turned rags into a coat of many colours and wore it to the stars, has died in Nashville aged 80.

She was the girl from the one-room cabin in Locust Ridge who never forgot the feel of scrap cloth under her mother’s needle. In ‘Coat of Many Colors,’ the song that reached farthest and sank deepest, especially in places like Nigeria, where its tale of patched pride still travels from radio to radio, she told of a winter coat stitched from the odds and ends no one else wanted.

The other children laughed. She wore it like a banner. That was the whole of her: the refusal to be ashamed of what little she had, and the determination to make it shine.

Born Dolly Rebecca Parton on 19 January 1946, the fourth of twelve children in a hardscrabble Appalachian household, she grew up where music was both prayer and escape. Her mother sang with a voice that haunted the hollows; her father worked the land that barely fed them. By six she was writing songs.

By the time she left for Nashville with a cardboard suitcase and a will of iron, the scrap-bag coat had already become metaphor and anthem.

The persona that followed was deliberate theatre: the cascade of full hair, the exaggerated curves she joked about, It was armour and invitation at once. Behind it stood a shrewd businesswoman who built an empire, an actress who made office drudgery glamorous in 9 to 5, a philanthropist who sent books to children who might otherwise never own one, and a songwriter whose ‘I Will Always Love You’ and ‘Jolene’ became part of the world’s shared vocabulary of longing and resolve.

She sold more than a hundred million records. She opened Dollywood so that the mountains that raised her might feed the people who still lived there. When a pandemic arrived, she put a million dollars toward a vaccine and then, characteristically, made light of the fuss.

She married Carl Dean in 1966 and kept the marriage private for nearly six decades until his death the year before her own. In the last stretch of her life, health faltered, kidney stones, systems ‘all out of whack,’ cancelled shows, and still she insisted, with the same stubborn cheer that once faced down schoolyard mockery, that she was not finished yet.

On Tuesday her nephew Bryan Seaver announced that she had gone quietly. No cause was given. The flags came down. But the coat remains. In the places where her voice first arrived as a story of rags made beautiful, it is still being sung: not as nostalgia, but as proof that a life patched together with love and defiance can outlast the laughter and the cold. She wore it well.

Ondo State Governor Lucky Aiyedatiwa, on Monday, flagged off the construction of a 2.38-kilometre, 94-span flyover along the Oyemekun-Oba Adesida Road corridor in Akure.

Governor Aiyedatiwa, who described the flyover as a strategic intervention to tackle persistent traffic congestion and boost investment and economic growth, said it would run from Adegbola Junction through Ojaoba and Adegbemile-Omieja to St Mathias/NNPC Filling Station, Alagbaka, as part of the administration’s urban renewal and infrastructure development agenda.

Flagging off the project, Governor Aiyedatiwa said the intervention was designed to provide a modern transport solution that would improve mobility, safety and the movement of people and goods along one of Akure’s busiest corridors.

‘This is a long-awaited moment and we are proud of the singular honour and privilege to formally flag-off the construction of the Flyover Bridge along the Oyemekun Oba Adesida Road Corridor, from Adegbola Junction to St. Mathias/NNPC Filling Station, Alagbaka, Akure, covering 2.38 kilometres,’ he said.

The governor said the project followed careful planning, technical appraisal and extensive stakeholder engagement.

He described the Oyemekun-Oba Adesida axis as a major commercial, administrative and social artery linking markets, financial institutions, schools, places of worship and densely populated residential areas.

‘It is the corridor through which the economic life of Akure pulses daily. Yet, with growth has come considerable strain. Increasing population, rising vehicular movement and expanding commercial activities have created persistent congestion and heightened the risk of road accidents,’ the governor added.

He said the congestion had affected productivity, discouraged investment and compromised residents’ safety and well-being.

According to him, the flyover and associated road improvements would ease congestion around Adegbola, Oba Adesida and Alagbaka, while reducing travel time, vehicle operating costs and air pollution caused by prolonged traffic delays.

Governor Aiyedatiwa said the project would strengthen Akure’s position as a competitive, investor-friendly capital capable of attracting businesses, retaining talent and creating opportunities for young people.

‘When traders at Oba Adesida Market can move their goods with ease, when students can get to school on time, when patients can reach hospitals without delay, and when workers can return home safely, then, we would have succeeded in translating policy into tangible benefits,’ he said.

The governor charged the contractor to execute the project according to the approved design, specifications and timelines, while maintaining high standards of professionalism, quality, safety and integrity.

He also appealed to residents, traders, transport unions and other stakeholders to cooperate with the government and contractor during construction.

He said the project reflects his administration’s commitment to prudent fiscal management and the deployment of public resources to projects with clear and measurable benefits.

The governor said the flyover formed part of efforts to modernise Akure and provide infrastructure capable of supporting enterprise, productivity and inclusive economic development.

Faysal Harb, the Managing Director of Bulletin Construction Company, handling the project said the company had been entrusted with executing the project and would not disappoint.

Harb recalled his involvement in the expansion of Ilesha Garage Road about 20 years ago, noting that the project marked the second time the company would undertake a major project in Ondo State.

He assured the governor that the project would be completed on schedule and according to specifications, promising to minimise disruption to the host community.

As the 2027 contest gathers pace, Benue, Rivers, Kano and Kaduna battles threaten APC cohesion and presidential calculations.

Nigeria’s road to the 2027 general elections is no longer being decided only in Abuja. The fiercest contests are unfolding in state capitals, where governors, former governors and political godfathers are fighting for control of party structures ahead of an election that will produce a president, a new National Assembly and governors in 28 states.

The outcome of these state battles will determine party cohesion, presidential coalition-building and national momentum. Five states illustrate the scale of the struggle.

Benue: Alia versus Akume – The Fight For the Soul of APC

Nowhere is the battle for structure more raw than in Benue.

The rift between Governor Hyacinth Alia and his political benefactor, the Secretary to the Government of the Federation (SGF), Senator George Akume, has become one of the most protracted crises in the ruling All Progressives Congress (APC).

The crisis dates back to the aftermath of the 2023 general elections, when both leaders fell out over control of the party structure and political appointments in the state. What began as a quiet disagreement has polarised the Benue APC into two rival factions, one led by Austin Agada loyal to Akume, and another under Benjamin Omakolo aligned with Governor Alia.

The feud has produced parallel state executives, parallel caucuses and open exchanges over who is the leader of the party in Benue. While Akume’s camp maintains that as SGF and former governor, he remains the leader of the party in line with APC tradition, Alia’s camp insists that as sitting governor, control of the structure must reside with Government House.

Efforts at reconciliation have repeatedly stalled. A peace meeting convened at the instance of President Bola Tinubu and mediated by the Tiv Traditional Council led by the Tor Tiv, James Ayatse, ended with a declaration of truce but a fresh disagreement.

At the centre of the latest deadlock is the issue of automatic tickets. At a recent Benue APC peace parley in Makurdi, Alia and Akume openly disagreed over Akume’s proposal for automatic tickets for state and national lawmakers.

For 2027, the implications are grave. Benue is a battleground North-Central state with high voter turnout and a history of swinging presidential results. If the APC goes into 2027 with two parallel structures, the opposition already receiving defectors from Alia’s camp who have pledged loyalty to Akume will exploit the division.

President Tinubu recently constituted a national reconciliation committee to wade into the crisis, underscoring how a state feud has become a national emergency.

Rivers, Kano, Kaduna: Three Other Frontlines

Rivers: The rupture between FCT Minister Nyesom Wike and Governor Siminalayi Fubara has moved beyond a successor dispute into a full contest for the legislature, appointments and party machinery. Whoever controls Rivers commands significant resources for presidential mobilisation.

Kano: The political equation shifted when Governor Abba Kabir Yusuf defected from the NNPP to the APC, splitting the Kwankwasiyya movement between the bloc loyal to Rabiu Musa Kwankwaso in opposition and a new pro-Yusuf faction inside the ruling party. With Kano being Nigeria’s most electorally weighty state, that split directly affects the North-West, widely seen as the decisive battleground.

Kaduna: The rift between Governor Uba Sani and his predecessor Nasir El-Rufai has come to the fore. Sani, who served under El-Rufai, now faces a re-election challenge involving El-Rufai’s camp, former governorship candidate Isah Ashiru and former senator Danjuma La’ah. It is both a governorship contest and a test of whether incumbency can withstand former godfathers.

The Osun governorship election of August 15, 2026 offered an early signal. Governor Ademola Adeleke’s victory in 19 of 30 local government areas was the last major off-cycle poll before 2027, but analysts warn against reading it as a direct referendum on President Tinubu, as local personalities often outweigh national issues.

Why State Control Will Decide The Presidency

For the APC, dominance is its strength and its greatest risk. The party’s 2026 primaries showed resistance to consensus in at least 10 states, with governors and leaders forcing zoning, defections and negotiated tickets. In Nigeria’s fluid system, a defeated aspirant rarely disappears – he defects or builds a parallel structure.

For the opposition, the opening is clear but fragile. APC’s internal disagreements create gaps, but opposition fragmentation persists. The emergence of the African Democratic Congress (ADC) and continued realignments within the PDP have not yet produced a unified coalition.

Ultimately, Nigeria’s presidency is won through state machinery. Governors control party structures, local leaders mobilise voters, and state alliances deliver National Assembly tickets.

The central questions for the coming months are straightforward: Can the APC contain its succession battles in Benue, Rivers, Kano and Kaduna? Can the opposition convert local grievances into a national machine?

The answers will not come from Abuja alone. They will be decided in Makurdi, Port Harcourt, Kano and Kaduna – state capitals that have now become the front lines of the 2027 contest.

Baseline Media and Entertainment is set to enter Nigeria’s premium entertainment and lifestyle market with the launch of ‘Grown and Sexy’, a new entertainment property designed to combine music, luxury, fashion, hospitality and high-end social experiences.

The show, scheduled to debut on September 1, 2026, is being positioned by the company as more than a conventional entertainment event, with Baseline seeking to build a distinctive intellectual property capable of attracting Africa’s affluent and aspirational consumer market.

According to the company, ‘Grown and Sexy’ will explore how Africa’s elite navigate fashion, entertainment and lifestyle, while examining the growing influence of hospitality, social media visibility and personal branding on perceptions of status and social credibility.

Abosede Shafe, Managing Director, Baseline Media and Entertainment, said the initiative forms part of the company’s broader strategy to develop entertainment properties with long-term commercial and cultural value.

‘We are not simply announcing another entertainment event. We are introducing a new experience and beginning a conversation about what premium entertainment from Africa can look and feel like,’ Shafe said.

She added that the company intends to differentiate the property by creating an environment where the quality of the entertainment is matched by the venue, hospitality and overall customer experience.

‘Entertainment is designed for an audience that values not only who is performing but also where they are, who they are surrounded by, and how the entire evening makes them feel,’ she said.

The launch comes amid growing competition within Nigeria’s entertainment industry, as businesses increasingly seek to monetise premium experiences and target consumers through lifestyle-driven events rather than conventional music and entertainment offerings.

Shafe said the company’s strategy is built around the changing expectations of the luxury consumer, who increasingly values personalised and memorable experiences.

‘The modern luxury audience is looking for more than access. They want experiences that feel personal, intentional, and memorable. Grown and Sexy has been created around that philosophy. Every touchpoint must communicate quality,’ she said.

Baseline said the campaign will be rolled out through a coordinated national media strategy aimed at building awareness, audience engagement and anticipation ahead of the launch.

The company also plans to use ‘Grown and Sexy’ as a platform for strengthening its position in the premium entertainment segment and developing intellectual properties that can originate in Nigeria and expand into other African markets.

‘For us, this is bigger than one campaign. It represents where Baseline Media and Entertainment is going as a brand. We are building experiences and intellectual properties that can originate in Nigeria, speak to Africa, and ultimately command international attention,’ Shafe said.

Nigeria’s two listed airport ground-handling companies have grown dramatically over the past five years, with combined revenue nearly quintupling since 2022. But the latest figures point to a new issue, the businesses are generating more sales and building much larger asset bases, yet rising costs and weaker cash positions are beginning to squeeze profitability.

Skyway Aviation Handling Company Plc (SAHCO) and Nigerian Aviation Handling Company Plc (NAHCO) generated combined revenue of N58.36 billion in 2026, up from N12.16 billion in 2022, an increase of 380 percent.

The growth has been accompanied by an expansion in profits over the longer term. Combined profit after tax rose from just N1.28 billion in 2022 to N17.01 billion in 2025, before falling to N14.70 billion in 2026.

Revenue increased by N4.97 billion, 9.3 percent, between 2025 and 2026, but combined profit before tax fell 7.2 percent from N21.75 billion to N20.19 billion. Profit after tax declined even more sharply, dropping 13.6 percent.

The pressure is coming largely from the cost side. Combined cost of sales jumped from N19.75 billion in 2025 to N27.60 billion in 2026, an increase of almost 40 percent, far outpacing revenue growth.

SAHCO’s revenue increased from N21.06 billion to N23.01 billion, but its cost of sales surged from N6.59 billion to N10.75 billion. As a result, profit before tax fell from N9.96 billion to N5.82 billion, while profit after tax more than halved from N8.14 billion to N3.85 billion.

For context, SAHCO generated almost N2 billion more revenue but ended the year with N4.29 billion less profit after tax.

Its net profit margin consequently fell from about 38.6 percent in 2025 to 16.7 percent in 2026, showing how quickly rising costs can erode the economics of additional revenue.

NAHCO, by contrast, has managed to convert revenue growth into stronger earnings.

Its revenue rose 9.3 percent from N32.33 billion to N35.35 billion, while profit before tax increased from N11.79 billion to N14.37 billion. Profit after tax rose 22.2 percent to N10.85 billion from N8.88 billion.

The contrasting performances suggest that the challenge facing the ground-handling industry is not simply a shortage of demand. Both companies recorded stronger revenue in 2026. The more important question is how efficiently each operator is converting that revenue into profit.

The balance sheet also shows how rapidly the businesses have expanded.

Combined assets rose from N45.01 billion in 2022 to N138.44 billion in 2026, more than tripling over the period. Between 2025 and 2026 alone, assets increased by N41.37 billion, or about 42.6 percent.

But the expansion in assets has not been matched by more cash.

Combined cash and cash equivalents fell year on year from N7.63 billion in half year 2025 to N6.04 billion in half-year 2026, despite the substantial increase in revenue and assets.

The cash-flow statement provides a further indication of where the money is going.

Combined cash generated from operating activities increased from N10.46 billion in 2025 to N15.60 billion in 2026, suggesting that the underlying businesses were still generating positive operating cash.

However, investing cash flow deteriorated sharply, moving from a N0.69 billion outflow in 2025 to a N7.17 billion outflow in 2026.

That suggests a significantly heavier investment burden during the year, particularly at SAHCO, whose investing cash outflow increased from N3.75 billion to N6.77 billion.

The companies are also returning substantial cash through financing activities. Combined financing cash flow was negative N16.67 billion in 2026, compared with negative N11.33 billion a year earlier.

NAHCO accounted for most of that movement, with financing cash flow of negative N14.45 billion in 2026, following a negative N12.17 billion in 2025.

The working-capital position also deserves attention.

Combined trade receivables increased from N30.79 billion in 2025 to N34.48 billion in 2026. That means more money was tied up in amounts owed by customers even as the companies reported higher revenue.

SAHCO’s receivables rose from N19.82 billion to N20.11 billion, while NAHCO’s increased from N10.97 billion to N14.37 billion.

The rise in receivables is particularly significant when compared with revenue. At SAHCO, trade receivables were equivalent to almost 87 percent of annual revenue in 2026. At NAHCO, the comparable figure was about 41 percent.

That does not mean the receivables are uncollectible, but it does show the conversion of reported revenue into cash remains an important issue for the two companies.

The liabilities side has expanded alongside the asset base. Combined liabilities rose from N43.33 billion in 2025 to N49.15 billion in 2026, taking the five-year increase from N17.58 billion in 2022 to N49.15 billion.

Yet the financing burden itself does not appear to be the main source of the 2026 profit decline.

Combined finance costs were N1.21 billion in 2026, slightly below the N1.24 billion recorded in 2025. NAHCO’s finance cost declined from N1.11 billion to N0.87 billion, although SAHCO’s increased from N0.13 billion to N0.33 billion.

This makes the sharp increase in cost of sales more important in explaining the deterioration in combined profitability.

The industry therefore presents a more nuanced picture than a simple growth story.

Since 2022, the two companies have transformed their financial scale. Revenue has risen by almost five times, assets have more than tripled and combined profit after tax has increased more than elevenfold.

But 2026 suggests that the next phase may be harder.

The companies can no longer assume that additional revenue will automatically produce proportionately higher earnings. The cost of generating that revenue, the amount tied up in receivables and the scale of investment required to support expansion are becoming increasingly important to the bottom line.

NAHCO currently appears better positioned on that metric. It increased both revenue and profit significantly in 2026, while SAHCO saw its profit after tax collapse despite comparable revenue growth.

Companies planning mergers, acquisitions, or corporate restructuring will have to pay closer attention to how they structure transactions as Nigeria’s tax reform creates different tax outcomes for different deal structures.

Yvonne Afolabi, a transfer pricing expert, said the increase in capital gains tax (CGT) from 10 percent to 30 percent makes taxable disposals and certain outright asset sales more expensive, while qualifying mergers and restructurings can benefit from tax relief.

‘In practice, this could encourage companies to consider restructuring options more carefully rather than automatically pursuing an outright disposal,’ Afolabi said.

The Nigeria Tax Act 2025, which took effect on January 1, 2026, brought capital gains into the corporate income tax framework, meaning assessable gains from the disposal of chargeable assets, including shares, are now taxed at the applicable 30 percent rate.

However, the treatment differs depending on how a transaction is structured.

Under the Act, a qualifying merger is treated as a continuation of the existing businesses rather than a cessation. Assets transferred in the merger do not give rise to chargeable gains and are deemed to move at their tax written-down value. Unutilised capital allowances, tax credits, and unabsorbed losses can also remain available, subject to the prescribed conditions.

Akinjide Akande, group head of Access Bank, said the rules do not make mergers and acquisitions less attractive but require companies to structure transactions efficiently so the resulting entity is not worse off.

‘When two or more entities merge, the NTA treats the merger as a continuation, rather than a cessation of one or the other,’ Akande said.

He said assets, tax losses, unutilised capital allowances, and unused withholding-tax credits can be transferred to the resulting entity.

‘Capital gains tax also does not apply because there’s no disposal,’ he said.

The distinction becomes more significant where a transaction is structured as a sale or transfer of a business that results in cessation. In such cases, the old business is treated as having ended, and its unused tax attributes may not transfer to the acquiring entity.

This means two transactions with a similar commercial objective can produce different tax outcomes depending on whether they are structured as a merger, business transfer or asset transfer.

‘Companies will need to consider the commercial rationale, eligibility for the merger relief, tax attributes, regulatory requirements, and the overall transaction cost, not just the headline CGT rate,’ Afolabi said.

The implications extend to companies involved in cross-border transactions. The Act brings certain indirect transfers of shares into the Nigerian tax net where an offshore transaction results in a change in the ownership structure of a Nigerian company or an interest in Nigerian assets.

For multinational companies, this means selling an offshore holding company with significant value derived from Nigerian assets can potentially create a Nigerian tax liability.

The rules come as Nigerian companies continue to undertake major restructuring and investment decisions, particularly in banking, oil and gas and other capital-intensive sectors.

For banks, the issue is particularly relevant as lenders have been raising capital and considering consolidation options under the Central Bank of Nigeria’s recapitalisation programme.

The broader effect of the tax reform, however, may not be a simple increase or decrease in MandA activity.

Instead, companies may become more deliberate about whether to sell a business outright, acquire its shares, transfer selected assets or combine operations through a qualifying merger.

The law also requires businesses to notify the relevant tax authority before restructuring a trade, business, profession, or vocation, adding a compliance requirement to the transaction process.

For corporate boards and finance teams, tax is therefore becoming part of the decision on how a transaction is executed, rather than simply a cost calculated after the commercial terms have been agreed.

Ten years ago, choosing how to travel in Nigeria often meant taking a bus at the nearest park, hailing an available bus, or sticking with a familiar transport operator, but today, it’s no longer a first choice.

With a few taps, passengers can compare fares, track vehicles, read reviews, make cashless payments, and switch between transport providers before their journey.

With ride-hailing services, online ticketing, in-app mapping that tracks every street and corner to estimate arrival times and fares upfront, cashless payments, and customer feedback, they can seamlessly book trips, check in, and board using only a smartphone or laptop from any location.

‘Ten years ago, getting around Lagos meant standing at a bus stop hoping for a vehicle that wasn’t falling apart, or paying a premium for a cab whose fare had to be negotiated,’ Akande Adedayo, specialist solutions at 54pay Technologies, said.

Adedayo noted that digital tools have helped bridge that gap by connecting a rider seeking affordable trips with drivers looking to earn from their private car, all through a platform that handles payment and completes the transaction once the trip ends.

‘You know the fare before you get in, you know roughly when the car will arrive, and you have a record of the trip if something goes wrong,’ he said.

Oluwasegun Akintoye, founder of Profitable Logistics, said digital tools are gradually giving passengers more bargaining power, allowing them to compare alternatives almost instantly and publicly share their experiences through digital platforms.

‘Reviews, ratings, social media and customer feedback can significantly influence an operator’s reputation, forcing operators to become more accountable and customer-focused,’ Akintoye said.

According to a report by Research and Markets, Nigeria’s urban mobility and ride-hailing market is valued at $1.5 billion, driven by urbanisation, smartphone penetration, and demand for convenient transport in cities like Lagos and Abuja.

It stated that the increasing adoption of mobile technology and the growing need for efficient urban transport solutions have further propelled the popularity of transport services.

‘The Nigerian urban mobility landscape is evolving, with a growing preference for convenient transportation options. This demand is fueled by the need for time-efficient travel solutions, especially in congested urban areas,’ the report noted.

Digital tools are giving passengers more information and choice before, during, and after a journey, forcing operators to compete not only on fares and fleet size, but on convenience, reliability, transparency, and the overall experience they offer.

Moving people from one point to another is no longer enough; operators now compete every day to earn each trip by investing in smarter fleets to meet changing passenger expectations.

ABC Transport Plc has commenced a group-wide fleet renewal programme with the rollout of 2026-model luxury coaches, equipped with individual USB charging ports for every passenger, high-definition CCTV surveillance systems, GPS-enabled real-time vehicle tracking, and electronically controlled speed limiters.

These technologies give passengers greater connectivity and safety while traveling, while providing the operator with tools to monitor vehicles and improve fleet management.

In Lagos, the Lagos Metropolitan Area Transport Authority (LAMATA) is also leveraging technology to make public transportation more connected, using tools such as cashless ticketing, fleet monitoring, and passenger information systems to improve how commuters access and experience transport services in the state.

Obiora Madu, director general, African Centre for Supply Chain (ACSC), said that over the past decade, digital technology has fundamentally shifted transport in Nigeria from a provider-driven industry to a customer-driven one, noting that digital platforms have empowered customers with information and choice.

Madu added that passengers are no longer simply buying transportation; they are buying predictability, convenience, and confidence, and operators that fail to deliver these digital experiences risk losing relevance.

‘The transport experience now begins long before boarding a vehicle it starts on a smartphone.

‘Technology-enabled transport providers have demonstrated that customer experience can be a significant competitive advantage. Traditional operators are increasingly investing in digital platforms simply to remain competitive.

This shift is not limited to transportation alone; it has also changed how vehicles are acquired. For prospective buyers, the traditional journey of visiting multiple dealer lots, checking available vehicles in person, and negotiating prices is increasingly being supplemented by digital platforms.

Buyers can now search vehicle listings online, compare models and prices, contact sellers and, in some cases, initiate the purchase process without first visiting a dealership.

For dealers, the competition is no longer limited to physical showrooms, but to their digital visibility, responsiveness, and ability to provide reliable information to attract customers.

According to a report from Jiji, an online marketplace, soaring vehicle prices in Nigeria are forcing a dramatic shift in the country’s automotive retail industry, as dealers are abandoning traditional car lots, turning to digital marketplaces to survive rising inventory costs.

The report showed that holding expensive inventory on large physical car lots has become financially risky for many dealers.

‘Those who embrace this transformation early will enjoy lower operating costs, improved customer loyalty, stronger resilience, and greater competitiveness. Those who delay may find themselves overtaken by more agile, technology-enabled competitors,’ Madu said.

Experts, however, noted that the pace of this digital shift could be constrained by the realities of Nigeria’s operating environment, such as unreliable power and internet connectivity, high technology costs, limited digital skills, and resistance to organisational change.

Akintoye said transport operators operate in a cost-sensitive environment, so they need to clearly understand how an investment in technology will reduce costs, improve asset utilisation, increase revenue, or improve customer retention.

‘The future of Nigeria’s transport sector will not simply belong to companies with the largest fleets. It will increasingly belong to companies that can combine people, physical assets, technology and data to deliver safer, more reliable, efficient and customer-centric transportation,’ he said.

Madu added that the organisations that thrive will be those that see technology not as an expense, but as the foundation of a smarter, safer, more efficient, and customer-focused transport ecosystem.

United States (US) based companies, as well as tech workers will have 30 days to comment on the proposed $103,265 fee for companies to sponsor foreign skilled workers under the H-1B visa program after it is published on the Federal Register.

The move follows the proposed $103,265 fee that will be implemented following a federal judge’s decision in June to strike down the Trump administration’s previously proposed $100,000 for H-1B visa applications.

Leo Sorokin, US District Judge had ruled that it was unlawful to implement a tax on visa applications, as Congress is the only legislative body with the authority to set immigration policy and taxes.

If implemented, sponsoring employers would have to pay the fee upfront when submitting a visa application for its incoming employees on top of all existing legal and administrative fees.

The affected parties are commercial businesses applying for standard H-1B visas, including the 65,000 standard cap and the 20,000 quota set aside for advanced degree holders from US universities.

Those exempt from this are higher education institutions, non-profit research organisations, and government research bodies.

The government estimates this fee will bring in about $8.8 billion every year. Officials have stated that the funds will cover operational costs across federal immigration agencies, such as background checks, court operations, and technology updates, so that taxpayers do not bear the expense.

?’The proposed H-1B fee is intended to recover the costs incurred across the federal government to adjudicate, vet, and support lawful immigration programs that otherwise must be funded by taxpayers,’ said Zach Kahler, a spokesperson for US Citizenship and Immigration Services.

However, according to David Bier of the Cato Institute, refutes this in a statement sent to The Hill, saying,

‘The administration claims the new fee will be a ‘cost recovery mechanism,’ even though the first fee led to a nearly 90 percent reduction in filings and a $28 million loss in revenue. The government itself told the court that the $100,000 fee was ‘arguably prohibitive’ and ‘does not raise revenue’.

‘Even if it did raise revenue, that would not make it legal because immigration fees can only be imposed to recover the costs of adjudication and naturalization services. And because this is a filing fee, employers would have to pay it with no guarantee that USCIS (US Citizenship and Immigration Services) will approve the petition. Almost no one will risk more than $100,000 with no guarantee of approval,’ Bier added.